The number of new energy vehicles is set to quadruple by 2025, and the road transport sector is still expected to achieve net zero emissions by 2050

The Long-term Market Outlook for New Energy Vehicles Outlines two scenarios for electric mobility penetration by 2050 and explores the impact on batteries, metal raw materials, oil, power and infrastructure demand, and emissions. Under the Economic Transformation Scenario (ETS), the main drivers of transportation electrification are techno-economic trends and market forces, regardless of policies and regulations not yet enacted. The second scenario explores a potential path to net zero emissions for the road transport sector by 2050. This net zero scenario (NZS) discusses the powertrain route for achieving the 2050 target, with economics as the decisive factor in the implementation of the technology route.

Sales of new energy passenger vehicles are set to grow rapidly in the next few years, from 6.6 million in 2021 to 21 million in 2025. According to bloomberg New Energy Finance's economic transformation scenario, neVs will reach 77 million by 2025 and grow further to 229 million by 2030. That is far more than the 16 million vehicles sold at the end of 2021, reflecting the extraordinary success of neVs in the energy transition so far.